As our dependence on mobile devices and digital assets increases, so does the risk of SIM swapping. This fast-growing cybercrime, in which attackers hijack victims’ phone numbers, typically has no fatal financial ramifications but can certainly have life-altering consequences. Victims are abruptly disconnected from the signal on their phones, with little to no knowledge of why. This abrupt decline has become one of the most obvious markers of this shady practice. Don’t wait — register today! With sensitive accounts, attackers can drain wallets within minutes. The urgency is through the roof!
Cybersecurity professionals are rightly alarmed by the increase in SIM swapping attacks in recent years. Thousands of unaware people have fallen victim to this dangerous reaction. Ordinary users to cryptocurrency investors, everyone using mobiles and crypto assets is vulnerable. Read on to find out what SIM swapping really is. It addresses ways to be proactive, and what to do if you are targeted by an attack.
Understanding SIM Swapping
SIM swapping occurs when an attacker convinces a mobile carrier to transfer a victim’s phone number to a SIM card they control. This allows them to read your calls and texts—which you guessed it—they can intercept even 2FA/code texts. Once attackers have control, they can drain email, banking, and crypto accounts, causing millions of dollars in losses.
The pace of these attacks is appalling. Victims are often shut out of their accounts and in turn unable to access their funds within minutes. Stories are emerging from these attacks where within minutes attackers have drained wallets, with the victims left scrambling to find a solution. The allure of digital assets, such as cryptocurrencies, is at an all-time high. Unfortunately, at the same time, SIM swapping is an ever-growing danger.
Furthermore, the public is still largely misinformed about the prevalence of this crime and their own vulnerability. Digital assets have gone mainstream. Unfortunately, at the same time, most people are still ignorant of SIM swapping—the perfect opportunity for exploitation.
Preventing SIM Swapping Attacks
Implementing a few simple measures can go a long way in preventing you from falling prey to this type of fraud. One of the best precautions is setting up a Personal Identification Number (PIN) with your mobile provider. This PIN provides an additional layer of security. This significantly increases the challenge for attackers to compromise a victim’s account.
Perhaps the most critical protective measure is to use two-factor authentication (2FA). Move away from SMS-based 2FA and adopt authentication apps. While SMS-based 2FA is a useful improvement, it can be attacked with SIM swapping techniques. Implementing MFA using authentication apps offers a higher level of security for identity verification during login attempts.
This information victims should be checking their accounts on a regular basis and looking for things that seem out of place. Regularly reviewing account statements and transaction histories will allow you to quickly spot unauthorized access and take steps to minimize fraud. If a suspicious transaction is observed, it’s important that consumers respond promptly by reaching out to their financial institutions or payment service providers.
Responding to a SIM Swapping Incident
In the sad case that a person believes they have become a victim of SIM swapping, quick steps are crucial. The key first step is to not waste any time and contact your mobile carrier right away. They can help you get the phone number back and protect the account. In fact, most carriers have protocols in place to address these types of incidents.
Even as you wait for the carrier to get the issue fixed, be prepared to go above and beyond. Update passwords for any accounts associated with your phone number. That goes for email accounts, banks, or any service that you use 2FA with. In the process, victims can re-secure their accounts against future unauthorized access.
Victims should actively report the crime to their local police department, and if warranted, to federal law enforcement authorities as well. If you’ve found yourself a victim of SIM swapping, documenting the incident can help with recovery efforts and notify the appropriate agencies of the increasing threat of SIM swapping.
